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Financial Findings

The financial data we’re collecting includes detailed information on milk solids production per hectare, farm working expenses, item expenses, pasture quantity consumed, and more. This helps us build a picture of the profitability of regenerative farming, in comparison to conventional practices.

  • Clarview Budget – Year Ending 31st May 2025
    Conventional Regenerative Combined
    Effective Area 148 148 296
    Stocking Rate 3.72 3.1 3.4
    Cow Numbers 550 460 1010
    Milk Solids 261820 211998 473,818
    Milk Solids Per Cow 476 461 469
    Milk Solids Per Ha 1769 1432 1501
    Payout (kg/MS) $10.10 $10.10 $10.10
    Stock Sales (p/kgMS) $0.43 $0.43 $0.43
    Gross Income (p/KgMS) $10.53 $10.53 $10.53
    Total Revenue $2,756,550 $2,232,010 $4,988,559
    Conventional
    Budget
    (p/kgMS/Cow/Ha)    		 Regenerative
    Budget
    (p/kgMS/Cow/Ha)    		 Combined
    Budget
    (p/kgMS/Cow/Ha)    		 Conventional
    Budget
    ($$)    		 Regenerative
    Budget
    ($$)    		 Combined
    Budget
    ($$)

    Animal Expenses
    Animal Health (p/cow) $ 113.48 $ 125.25 $ 118.84 $ 62,416 $ 57,614 $ 120,030
    Breeding (p/cow) $ 110.64 $ 110.64 $ 110.64 $ 60,853 $ 50,896 $ 111,749
    Calf Rearing (p/cow) $ 47.77 $ 47.77 $ 47.77 26,276 21,976 48,252
    Other Animal – Allflex (p/cow) $ 38.85 $ 38.85 $ 38.85 $ 21,367 $ 17,871 $ 39,238
    Total Animal Expenses $ 311 $ 323 $ 316 $ 170,192 $ 148,357 $ 319,269

    Feed Expenses
    Feed On Farm / Supplements (p/cow) $ 439.04 $ 484.56 $ 459.77 $ 241,470 $ 222,896 $ 464,366
    Feed On Farm / Oats, Swedes, Maize (p/ha) $ 80.68 0 $ 40.34 $ 11,941 0 $ 11,941
    Feed Off Farm / Grazing (p/cow) $ 664.49 $ 664.49 $ 664.49 365,467 305,664 671,131
    Total Feed Expenses $ 1184.2 $ 1149.04 $ 1,164.6 $ 618,879 $ 528,559 $ 1,147,438

    Pasture Expenses
    Irrigation (Excluding Electricty) (50:50) ¢ 0.04 ¢ 0.05 ¢ 0.05 $ 10,884 $ 10,884 $ 21,768
    Fertiliser (p/ha) $ 793 $ 740 $ 766.39 $ 117,399 $ 109,453 $ 226,852
    Pasture Renewal (Regrassing) (p/ha) $ 93.03 0 $ 46.52 $ 13,769 0 $ 13,769
    Regen/Diverse Crop (p/ha) 0 0 0 0 0 0
    Weed & Pest (50:50) ¢ 0.01 ¢ 0.01 ¢ 0.01 $ 2,004 $ 2,004 $ 4,007
    Total Pasture Expenses $ 886.32 $ 739.61 $ 812.96 $ 144,055 $ 122,341 $ 266,396

    Operating Expenses
    Electricty (Include Irrigation Electricty) (p/ha) ¢ 0.23 ¢ 0.28 ¢ 0.25 $ 59,112 $ 59,112 $ 118,223
    Freight Exps (p/cow) $ 27.89 $ 27.89 $ 27.89 $ 15,338 $ 12,828 $ 28,166
    Repairs & Maintenance (p/kgMS) ¢ 0.19 ¢ 0.19 ¢ 0.28 $ 74,452 $ 60,285 $ 134,737
    Shed Exps (p/kgMS) ¢ 0.08 ¢ 0.08 ¢ 0.08 $ 20,489 $ 16,590 $ 37,079
    Staff Costs (p/kgMS) ¢ 1.03 ¢ 1.06 ¢ 1.04 $ 268,690 $ 224,723 $ 493,413
    Vehicle Exps (p/kgMS) ¢ 0.11 ¢ 0.12 ¢ 0.12 $ 29,858 $ 24,973 $ 54,831
    Total Operating Expenses $ 29.52 $ 29.62 $ 29.66 $ 467,939 $ 398,510 $ 866,449

    Other Operating Expenses
    Health and Safety (H&S) (50:50) ¢ 0.02 ¢ 0.025 ¢ 0.02 $ 5,237 $ 5,237 $ 10,473
    Other Operating Expenses (50:50) ¢ 0.01 ¢ 0.013 ¢ 0.01 $ 2,674 $ 2,674 $ 5,347
    Total Operating Expenses ¢ 0.03 ¢ 0.037 ¢ 0.03 $ 7,910 $ 7,910 $ 15,820

    Overhead Expenses
    Administration (Farm) (50:50) ¢ 0.05 ¢ 0.05 ¢ 0.05 $ 12,693 $ 12,693 $ 25,385
    Administration (Overheads) (50:50) ¢ 0.29 ¢ 0.29 ¢ 0.28 $ 65,199 $ 65,199 $ 130,398
    Rates (50:50) ¢ 0.05 ¢ 0.05 ¢ 0.05 $ 12,511 $ 12,511 $ 25,021
    Insurance (50:50) ¢ 0.06 ¢ 0.06 ¢ 0.08 $ 18,396 $ 18,396 $ 36,792
    ACC Levies (50:50) ¢ 0.02 ¢ 0.02 ¢ 0.02 $ 4,432 $ 4,432 $ 8,863
    Total Overhead Expenses ¢ 0.48 ¢ 0.48 ¢ 0.48 $ 113,230 $ 113,230 $ 226,459

    Total Farm Working Expenses (F.W.E)

    		 $ 5.82 $ 6.22 $ 6.00 $ 1,522,925 $ 1,318,906 $ 2,841,831

    Dairy Operating (Surplus/Deficit) (EBITDA)

    		 $ 4.71 $ 4.31 $ 4.53 $ 1,233,625 $ 913,103 $ 2,146,728

    EBIT p/HA

    		 $ 8,335 $ 6,170 $ 7,252

  • Clareview 2023-24 Year End Actuals
    Conventional Regenerative Combined
    Effective Area 148 148 296
    Stocking Rate 3.78 3.03 3.4
    Cow Numbers 559 448 1007
    Milk Solids 253617 196,750 450,367
    Milk Solids Per Cow 454 439 447
    Milk Solids Per Ha 1714 1329 1522
    Payout (kg/MS) $7.9 $7.9 $7.9
    Stock Sales (p/kgMS) $0.36 $0.36 $0.36
    Gross Income (p/KgMS) $8.26 $8.26 $8.26
    Total Revenue $2,094,181 $1,624,613 $3,718,794
    Conventional
    Budget
    (p/kgMS/Cow/Ha)    		 Regenerative
    Budget
    (p/kgMS/Cow/Ha)    		 Combined
    Budget
    (p/kgMS/Cow/Ha)    		 Conventional
    Budget
    ($$)    		 Regenerative
    Budget
    ($$)    		 Combined
    Budget
    ($$)

    Animal Expenses
    Animal Health (p/cow) $ 73.67 $ 81.51 $ 77.16 $ 41,179 $ 36,518 $ 77,697
    Breeding (p/cow) $ 78.76 $ 78.76 $ 78.76 $ 44,025 $ 35,283 $ 79,308
    Calf Rearing (p/cow) $ 14.06 $ 14.06 $ 14.06 7,859 6,298 14,157
    Other Animal – Allflex (p/cow) $ 39.57 $ 39.57 $ 39.57 $ 22,117 $ 11,726 $ 39,843
    Total Animal Expenses $ 206 $ 214 $ 210 $ 115,181 $ 95,824 $ 211,005

    Feed Expenses
    Feed On Farm / Supplements (p/cow) $ 426.68 $ 314.80 $ 376.91 $ 238,517 $ 141,030 $ 379,547
    Feed On Farm / Oats, Swedes, Maize (p/ha) 0 0 0 0 0 0
    Feed Off Farm / Grazing (p/cow) $ 573.9 $ 573.9 $ 573.9 320,810 257,107 577,917
    Total Feed Expenses $ 1,000.58 $ 888.7 $ 950.81 $ 559,327 $ 398,137 $ 957,464

    Pasture Expenses
    Irrigation (Excluding Electricty) (50:50) ¢ 0.06 ¢ 0.08 ¢ 0.07 $ 16,174 $ 16,174 $ 32,348
    Fertiliser (p/ha) $ 930 $ 684 $ 807.2 $ 137,649 $ 101,282 $ 238,931
    Pasture Renewal (Regrassing) (p/ha) $ 71.33 0 $ 35.67 $ 10,557 0 $ 10,557
    Regen/Diverse Crop (p/ha) 0 $ 119.09 $ 59.54 0 $ 17,625 $ 17,625
    Weed & Pest (50:50) ¢ 0.004 ¢ 0.005 0 $ 971 $ 971 $ 1941
    Total Pasture Expenses $ 1001.46 $ 803.51 $ 902.48 $ 165,351 $ 136,051 $ 301,402

    Operating Expenses
    Electricty (Include Irrigation Electricty) (p/ha) ¢ 0.27 ¢ 0.35 ¢ 0.31 $ 69,359 $ 69,359 $ 138,718
    Freight Exps (p/cow) $ 22.19 $ 22.19 $ 22.19 $ 12,403 $ 9,941 $ 22,344
    Repairs & Maintenance (p/kgMS) ¢ 0.19 ¢ 0.19 ¢ 0.23 $ 59,369 $ 46,057 $ 105,426
    Shed Exps (p/kgMs) ¢ 0.08 ¢ 0.07 ¢ 0.07 $ 18,864 $ 14,634 $ 33,498
    Staff Costs (p/kgMS) ¢ 1.00 ¢ 1.04 ¢ 1.02 $ 254,360 $ 203,852 $ 458,212
    Vehicle Exps (p/kgMS) ¢ 0.11 ¢ 0.12 ¢ 0.11 $ 28,313 $ 22,691 $ 51,004
    Total Operating Expenses $ 23.85 $ 23.96 $ 23.94 $ 442,668 $ 366,534 $ 809,202

    Other Operating Expenses
    Health and Safety (H&S) (50:50) ¢ 0.021 ¢ 0.027 ¢ 0.02 $ 5,405 $ 5,405 $ 10,810
    Other Operating Expenses (50:50) ¢ 0.009 ¢ 0.012 ¢ 0.01 $ 2,308 $ 2,308 $ 4,615
    Total Operating Expenses ¢ 0.03 ¢ 0.039 ¢ 0.034 $ 7,713 $ 7,713 $ 15,425

    Overhead Expenses
    Administration (Farm) (50:50) ¢ 0.05 ¢ 0.05 ¢ 0.04 $ 8,325 $ 8,325 $ 16,649
    Administration (Overheads) (50:50) ¢ 0.29 ¢ 0.29 ¢ 0.28 $ 63,838 $ 63,838 $ 127,675
    Rates (50:50) ¢ 0.05 ¢ 0.05 ¢ 0.07 $ 14,648 $ 14,648 $ 29,295
    Insurance (50:50) ¢ 0.06 ¢ 0.06 ¢ 0.08 $ 17,361 $ 17,361 $ 34,722
    ACC Levies (50:50) ¢ 0.02 ¢ 0.02 ¢ 0.02 $ 5,045 $ 5,045 $ 10,090
    Total Overhead Expenses ¢ 0.48 ¢ 0.48 ¢ 0.49 $ 109,216 $ 109,216 $ 218,431

    Total Farm Working Expenses (F.W.E)

    		 $ 5.52 $ 5.66 $ 5.58 $ 1,399,455 $ 1,113,474 $ 2,512,929

    Dairy Operating (Surplus/Deficit) (EBITDA)

    		 $ 2.74 $ 2.60 $ 2.68 $ 694,727 $ 511,138 $ 1,205,865

    EBIT p/HA

    		 $ 4,694 $ 3,454 $ 4,074

  • Clareview Actuals + Forecast 30 November 2023 (6+6)
    Conventional Regenerative Combined
    Effective Area 148 148 296
    Stocking Rate 3.78 3.03 3.4
    Cow Numbers 559 448 1,007
    Milk Solids 252,000 201,000 453,000
    Milk Solids Per Cow 451 449 450
    Milk Solids Per Ha 1703 1,358 1,530
    Payout (kg/MS) $8.32 $8.32 $8.32
    Stock Sales (p/kgMS) $0.27 $0.27 $0.27
    Gross Income (p/KgMS) $8.592 $8.59 $8.59
    Total Revenue $2,164,034 $1,726,074 $3,890,108
    Conventional
    Budget
    (p/kgMS/Cow/Ha)    		 Regenerative
    Budget
    (p/kgMS/Cow/Ha)    		 Combined
    Budget
    (p/kgMS/Cow/Ha)    		 Conventional
    Budget
    ($$)    		 Regenerative
    Budget
    ($$)    		 Combined
    Budget
    ($$)

    Animal Expenses
    Animal Health (p/cow) $ 82.64 $ 91.44 $ 86.55 $ 46,194 $ 40,965 $ 87,159
    Breeding (p/cow) $ 63.33 $ 63.33 $ 63.33 $ 35,399 $ 28,370 $ 63,769
    Calf Rearing (p/cow) $ 13.83 $ 13.83 $ 13.83 7,729 6,195 13,924
    Other Animal – Allflex (p/cow) $ 39.55 $ 39.55 $ 39.55 $ 22,107 $ 17,717 $ 39,824
    Total Animal Expenses $ 199 $ 209 $ 203 $ 111,430 $ 93,246 $ 204,676

    Feed Expenses
    Feed On Farm / Supplements (p/cow) $ 352.82 $ 318.79 $ 337.68 $ 197,227 $ 142,819 $ 340,046
    Feed On Farm / Oats, Swedes, Maize (p/ha) 0 0 0 0 0 0
    Feed Off Farm / Grazing (p/cow) $ 570.41 $ 570.41 $ 570.41 318,861 255,546 574,407
    Total Feed Expenses $ 923 $ 889 $ 908 $ 516,088 $ 398,365 $ 914,453

    Pasture Expenses
    Irrigation (Excluding Electricty) (50:50) ¢ 0.06 ¢ 0.07 ¢ 0.06 $ 13,927 $ 13,927 $ 27,853
    Fertiliser (p/ha) $ 791 $ 676 $ 733.22 $ 117,033 $ 100,000 $ 217,033
    Pasture Renewal (Regrassing) (p/ha) $ 47.30 0 $ 23.65 $ 7,000 0 $ 7,000
    Regen/Diverse Crop (p/ha) 0 $ 115.74 $ 57.87 0 $ 17,130 $ 17,130
    Weed & Pest (50:50) ¢ 0.004 ¢ 0.005 0 $ 996 $ 996 $ 996
    Total Pasture Expenses $ 838 $ 791 $ 815 $ 138,955 $ 132,052 $ 132,052

    Operating Expenses
    Electricty (Include Irrigation Electricty) (p/ha) ¢ 0.27 ¢ 0.34 ¢ 0.3 $ 68,009 $ 68,009 $ 136,018
    Freight Exps (p/cow) $ 11.98 $ 11.98 $ 11.98 $ 6,694 $ 5,365 $ 12,059
    Repairs & Maintenance (p/kgMS) ¢ 0.19 ¢ 0.19 ¢ 0.2 $ 49.454 $ 39,446 $ 88,900
    Shed Exps (p/kgMS) ¢ 0.08 ¢ 0.07 ¢ 0.07 $ 18,466 $ 14,728 $ 33,194
    Staff Costs (p/kgMS) ¢ 1.06 ¢ 1.07 ¢ 1.06 $ 267,723 $ 214,561 $ 482,284
    Vehicle Exps (p/kgMS) ¢ 0.1 ¢ 0.10 ¢ 0.10 $ 24,823 $ 19,894 $ 44,717
    Total Operating Expenses $ 14 $ 14 $ 14 $ 435,169 $ 362,003 $ 797,172

    Other Operating Expenses
    Health and Safety (H&S) (50:50) ¢ 0.024 ¢ 0.030 ¢ 0.03 $ 5,982 $ 5,982 $ 11,963
    Other Operating Expenses (50:50) ¢ 0.008 ¢ 0.010 ¢ 0.01 $ 2,087 $ 2,087 $ 4,174
    Total Operating Expenses ¢ 0.032 ¢ 0.040 ¢ 0.036 $ 8,069 $ 8,069 $ 16,137

    Overhead Expenses
    Administration (Farm) (50:50) ¢ 0.05 ¢ 0.05 ¢ 0.03 $ 7,061 $ 7,061 $ 14,122
    Administration (Overheads) (50:50) ¢ 0.29 ¢ 0.29 ¢ 03 $ 66,891 $ 66,891 $ 133,782
    Rates (50:50) ¢ 0.05 ¢ 0.05 ¢ 0.05 $ 11,522 $ 11,522 $ 23,044
    Insurance (50:50) ¢ 0.06 ¢ 0.06 ¢ 0.09 $ 19,968 $ 19,968 $ 39,935
    ACC Levies (50:50) ¢ 0.02 ¢ 0.02 ¢ 0.02 $ 5,045 $ 5,045 $ 10,090
    Total Overhead Expenses ¢ 0.48 ¢ 0.48 ¢ 0.48 $ 110,487 $ 110,487 $ 220,973

    Total Farm Working Expenses (F.W.E)

    		 $ 5.24 $ 5.49 $ 5.35 $ 1,320,196 $ 1,104,222 $ 2,424,418

    Dairy Operating (Surplus/Deficit) (EBITDA)

    		 $ 2.53 $ 2.27 $ 3.24 $ 637,197 $ 457,033 $ 1,465,690

    EBIT p/HA

    		 $ 4,305 $ 3,088 $ 3,697

  • Clareview Budget – Year Ending 31st May 2024
    Conventional Regenerative Combined
    Effective Area 148 148 148
    Stocking Rate 3.78 3.03 3.4
    Cow Numbers 559 448 1,007
    Milk Solids 244,000 200,000 444,000
    Milk Solids Per Cow 436 446 441
    Milk Solids Per Ha 1,649 1,351 1,500
    Payout (kg/MS) $8.32 $8.32 $8.32
    Stock Sales (p/kgMS) $0.27 $0.27 $0.27
    Gross Income (p/KgMS) $8.59 $8.59 $8.59
    Total Revenue $2,096,657 $1,718,571 $3,815,228
    Conventional
    Budget
    (p/kgMS/Cow/Ha)    		 Regenerative
    Budget
    (p/kgMS/Cow/Ha)    		 Combined
    Budget
    (p/kgMS/Cow/Ha)    		 Conventional
    Budget
    ($$)    		 Regenerative
    Budget
    ($$)    		 Combined
    Budget
    ($$)

    Animal Expenses
    Animal Health (p/cow) $ 82.64 $ 91.44 $ 86.55 $ 46,194 $ 40,965 $ 87,159
    Breeding (p/cow) $ 59.32 $ 59.32 $ 59.32 $ 33,160 $ 26,576 $ 59,736
    Calf Rearing (p/cow) $ 12.17 $ 12.17 $ 12.17 6,806 5,454 12,260
    Other Animal – Allflex (p/cow) $ 37.90 $ 37.90 $ 37.90 $ 21,185 $ 16,979 $ 38,164
    Total Animal Expenses $ 192 $ 201 $ 196 $ 107,346 $ 89,973 $ 197,319

    Feed Expenses
    Feed On Farm / Supplements (p/cow) $ 382.28 $ 282.04 $ 337.68 $ 213,693 $ 126,353 $ 340,046
    Feed On Farm / Oats, Swedes, Maize (p/ha) 0 0 0 0 0 0
    Feed Off Farm / Grazing (p/cow) $ 567.43 $ 567.43 $ 567.43 317,196 254,211 571,407
    Total Feed Expenses $ 949.71 $ 849.47 $ 905.12 $ 530,890 $ 380,563 $ 911,453

    Pasture Expenses
    Irrigation (Excluding Electricty) (50:50 split) ¢ 0.06 ¢ 0.07 ¢ 0.06 $ 13,800 $ 13,800 $ 27,600
    Fertiliser (p/ha) $ 800 $ 600 $ 700 $ 118,400 $ 88,800 $ 207,200
    Pasture Renewal (Regrassing) (p/ha) 0 0 0 0 0 0
    Regen/Diverse Crop (p/ha) 0 $ 40.54 $ 20.27 0 $ 6,000 $ 6,000
    Weed & Pest (50:50 split) ¢ 0.01 ¢ 0.01 ¢ 0.01 $ 1500 $ 1,500 $ 3,000
    Total Pasture Expenses $ 800.06 $ 640.62 $ 720.34 $ 133,700 $ 110,100 $ 243,800

    Operating Expenses
    Electricty (Include Irrigation Electricty) (p/ha) ¢ 0.28 ¢ 0.34 ¢ 0.3
    Freight Exps (p/cow) $ 12.83 $ 12.83 $ 12.83
    Repairs & Maintenance (p/kgMS) ¢ 0.19 ¢ 0.19 ¢ 0.2
    Shed Exps (p/kgMS) ¢ 0.08 ¢ 0.07 ¢ 0.07
    Staff Costs (p/kgMS) ¢ 1.09 ¢ 1.07 ¢ 1.08
    Vehicle Exps (p/kgMS) ¢ 0.12 ¢ 0,12 ¢ 0.12
    Total Operating Expenses $ 14.59 $ 14.62 $ 14.61

    Other Operating Expenses
    Health and Safety (H&S) (50:50 split) ¢ 0.029 ¢ 0.035 ¢ 0.03 $ 7,030 $ 7,030 $ 14,060
    Other Operating Expenses (50:50 split) ¢ 0.009 ¢ 0.011 ¢ 0.01 $ 2,154 $ 2,154 $ 4,308
    Total Operating Expenses ¢ 0.038 ¢ 0.046 ¢ 0.041 $ 9,184 $ 9,184 $ 18,368

    Overhead Expenses
    Administration (Farm) (50:50 split) ¢ 0.05 ¢ 0.05 ¢ 0.03 $ 7,061 $ 7,061 $ 14,122
    Administration (Overheads) (50:50 split) ¢ 0.29 ¢ 0.29 ¢ 0.3 $ 66,891 $ 66,891 $ 133,782
    Rates (50:50 split) ¢ 0.05 ¢ 0.05 ¢ 0.05 $ 11,522 $ 11,522 $ 23,044
    Insurance (50:50 split) ¢ 0.06 ¢ 0.06 ¢ 0.09 $ 19,968 $ 19,968 $ 39,935
    ACC Levies (50:50 split) ¢ 0.02 ¢ 0.02 ¢ 0.02 $ 5,045 $ 5,045 $ 10,090
    Total Overhead Expenses ¢ 0.476 ¢ 0.476 ¢ 0.498 $ 110,487 $ 110,487 $ 220,973

    Total Farm Working Expenses (F.W.E)

    		 $ 5.45 $ 5.33 $ 5.39 $ 1,329,696 $ 1,065,144 $ 1,421,388

    Dairy Operating (Surplus/Deficit) (EBITDA)

    		 $ 1.58 $ 1.70 $ 3.20 $ 384,881 $ 339,427 $ 1,421,388

    EBIT p/HA

    		 $ 2,601 $ 2,293 $ 2,447

  • Clareview 2022-23 Year End Actuals (un-audited)
    Conventional Regenerative Combined
    Effective Area 148 148 296
    Stocking Rate 3.65 3.05 3.35
    Cow Numbers 540 451 432
    Milk Solids 235,191 192,468 1,445
    Milk Solids Per Cow 436 427 8.32
    Milk Solids Per Ha 1,589 1,300 0.42
    Payout (kg/MS) $8.32 $8.32 $8.32
    Stock Sales (p/kgMS) $0.42 $0.42 $0.42
    Gross Income (p/KgMS) $8.74 $8.74 $8.74
    Total Revenue $2,054,853 $1,681,585 $3,736,438
    Conventional
    Budget
    (p/kgMS/Cow/Ha)    		 Regenerative
    Budget
    (p/kgMS/Cow/Ha)    		 Combined
    Budget
    (p/kgMS/Cow/Ha)    		 Conventional
    Budget
    ($$)    		 Regenerative
    Budget
    ($$)    		 Combined
    Budget
    ($$)

    Animal Expenses
    Animal Health (per/cow) $ 93.19 $ 98.95 $ 95.81 $ 50,235 $ 44,627 $ 94,952
    Breeding (per/cow) $ 63,84 $ 63.84 $ 63.84 $ 34,476 $ 28,793 $ 63,269
    Calf Rearing (per/cow) $ 11.19 $ 11.19 $ 11.19 6,043 5,047 11,090
    Other Animal – Allflex (per/cow) $ 38.51 $ 38.51 $ 38.51 $ 20,795 $ 17,368 $ 38,163
    Total Animal Expenses $ 207 $ 212 $ 209 $ 111,638 $ 95,836 $ 207,474

    Feed Expenses
    Feed On Farm / Supplements (per/cow) $ 5400.44 $ 382.61 $ 468.61 $ 291,838 $ 172,558 $ 464,396
    Feed On Farm / Oats, Swedes, Maize (per/ha) 0 0 0 0 0 0
    Feed Off Farm / Grazing (per/cow) $ 481.3 $ 481.83 $ 481.83 260,186 217,304 477,490
    Total Feed Expenses $ 1,022 $ 864 $ 950 $ 552,024 $ 389,862 $ 941,886

    Pasture Expenses
    Irrigation (Excluding Electricty) (50:50) ¢ 0.09 ¢ 0.11 ¢ 0.1 $ 21,081 $ 21,081 $ 42,162
    Fertiliser (per/ha) $ 1,025 $ 510 $ 767.63 $ 151,692 $ 75,527 $ 227,219
    Pasture Renewal (Regrassing) (per/ha) $ 69.24 0 $ 34,62 $ 10,248 0 $ 10,248
    Regen/Diverse Crop (per/ha) 0 $ 119.22 $ 59.61 0 $ 17,645 $ 17,645
    Weed & Pest (50:50) ¢ 0.01 ¢ 0.01 ¢ 0.01 $ 1,706 $ 1,706 $ 3,411
    Total Pasture Expenses $ 1,094 $ 630 $ 862 $ 184,727 $ 115,959 $ 300,685

    Operating Expenses
    Electricty (Include Irrigation Electricty) (per/ha) ¢ 0.23 ¢ 0.29 ¢ 0.26 $ 55,071 $ 55,071 $ 110,142
    Freight Exps (per/cow) $ 14.21 $ 14.21 $ 14.21 $ 7,674 $ 6,409 $ 14,083
    Repairs & Maintenance (per/kgMS) ¢ 0.19 ¢ 0.19 ¢ 0.25 $ 59,540 $ 48,725 $ 108,265
    Shed Exps (per/kgMS) ¢ 0.08 ¢ 0.09 ¢ 0.09 $ 22,235 $ 18,196 $ 40,431
    Staff Costs (per/kgMS) ¢ 1.02 ¢ 1.04 ¢ 1.03 $ 239,864 $ 200,331 $ 440,195
    Vehicle Exps (per/kgMS) ¢ 0.12 ¢ 0.12 ¢ 0.12 $ 27,900 $ 23,302 $ 51,202
    Total Operating Expenses $ 15.85 $ 15.95 $ 15.97 $ 412,284 $ 352,034 $ 764,318

    Other Operating Expenses
    Health and Safety (H&S) (50:50) ¢ 0.022 ¢ 0.027 ¢ 0.02 $ 5,279 $ 5,279 $ 10,557
    Other Operating Expenses (50:50) ¢ 0.010 ¢ 0.013 ¢ 0.01 $ 2,458 $ 2,458 $ 4,916
    Total Operating Expenses ¢ 0.033 ¢ 0.040 ¢ 0.036 $ 7,737 $ 7,737 $ 15,473

    Overhead Expenses
    Administration (Farm) (50:50) ¢ 0.05 ¢ 0.05 ¢ 0.05 $ 11,439 $ 11,439 $ 22,878
    Administration (Overheads) (50:50) ¢ 0.29 ¢ 0.29 ¢ 0.29 $ 59,785 $ 59,785 $ 119,569
    Rates (50:50) ¢ 0.05 ¢ 0.05 ¢ 0.05 $ 11,420 $ 11,420 $ 22,840
    Insurance (50:50) ¢ 0.06 ¢ 0.06 ¢ 0.11 $ 22,863 $ 22,863 $ 45,725
    ACC Levies (50:50) ¢ 0.02 ¢ 0.02 ¢ 0.03 $ 5,764 $ 5,764 $ 11,528
    Total Overhead Expenses ¢ 0.476 ¢ 0.476 ¢ 0.52 $ 111,270 $ 111,270 $ 222,540

    Total Farm Working Expenses (F.W.E)

    		 $ 5.87 $ 5.57 $ 5.73 $ 1,379,680 $ 1,072,696 $ 2,452,376

    Dairy Operating (Surplus/Deficit) (EBITDA)

    		 $ 2.87 $ 3.16 $ 3.00 $ 675,173 $ 608,889 $ 1,284,062

    EBIT p/HA

    		 $ 4,562 $ 4,114 $ 4,338